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the crisis over, yes, the fiscal cliff. and origin tina's rating is slashed over five notches. we'll speak to a bondholder who once represented the country's creditors. >> you're watching "worldwide exchange," bringing you business news from around the globe. >>> as we get into the trading session here in europe, you can see behind me decliners outpacing advancers by about a 4-1 ratio, with stocks shedding about a third of a percent. we'll get to more of that shortly. first take a look at the forces individually to get a sense of where we're seeing the selling pressure and it is pretty much consistent. there's the ibex 35 down .7 of a percent. the ftse down about a third of a percent. not many green spots to find. yesterday we saw that rally in peripheral debt. today we're actually seeing firmer prices across the board, so whether the u.s. down there or italy and spain here in the periphery, 4.7%, 6%, remarkable there, level for spain even today as the country's banks are being more fully examined in light of the national examination plans. the dollar/yen pulling back about half a percent
, welcome to "squawk on the street" i'm carl cramer is off today. some word the fiscal cliff negotiations are not getting off to a good start. moderate red arrows. european leaders failed to reach a bailout payment to greece and will try monday. road map starts on the busiest travel day of the year. there are signs it could be a big quarter for airline and travel, but traditional toys look weak. walmart may have protesters outside its doors on friday. >> deer misses earnings, and the market shrugs it off. >> turmoil in israel with a bomb explosion on board a bus today and a rumored cease-fire that never happened. crude is up $1 as the secretary of state has arrived in cairo. a big day full of planes, trains and automobiles with tens of millions of americans set to embark on their holiday weekend journeys. our phil lebeau is in chicago with more on the holiday travel landscape. how painful is it going to be? >> you know, carl f you're traveling, you always need a little more patience thanksgiving weekend. for the airlines, they're keeping their fingers crossed because if you look at a map
, off its lows at 1404. fears of the fiscal cliff taking center stage once again, driving stocks lower after last week's 3% surge. that big gain friday, 172 points. we lost a third of that right now. how can you protect your for portfolio? we have chief washington correspondent john harwood, bill from coors state capital advisers who has a review of the new "lincoln" movie, lee munson and senior economics reporter steve liesman, plus mary thompson. we're going to be here for a while. john, let's start with you. any signs of progress on the hill? >> reporter: nothing tangible. we saw it at the initial meeting between the president and congressional leaders. we saw it over the weekend when some republicans again repeated their openness to being willing to raise taxes, which is something that is violated republican orthodoxy. here is jay carney just a few minutes ago in reaction to those comments. >> some of the comments you mentioned are welcome. and they represent what we hope is a difference in tone and approach to these problems and a recognition that a balanced approach to deficit re
to the president's chief economic adviser about the fiscal cliff negotiations as second hour of the "closing bell" gets under way right now. >>> welcome to "closing bell." bill griffeth rejoins us in a moment. no follow-through rally. stocks closing in the red on fiscal cliff fears. dow jones lower by 43 points, 12,966. nasdaq finishes higher by nearly 10, 2,976. and the s&p down almost 3%, 1406. >> the deadline for the fiscal cliff is nearly one month away. if we go over that cliff, russ says some investors are not prepared for that decline. >> he joins us now a long with michael, cnbc contributor for destination wealth management and mary thompson joins us as well. russ, you're saying it's not priced in at this point. what should we be worried about? >> it's not priced in. it's very hard to find much evidence, either from investors or the sell side that people really expect to go over the fiscal cliff. i think what that means is if we get into the end of the year and looks like negotiations are not going forward, we may not solve this before 2013, we're likely to see rise in volatility, likely
and their respective parties in debating and discussing solutions to the fiscal cliff. president obama organizing a campaign to persuade voters that his plans for higher taxes on the wealthy are the right path forward. leading republicans creating consternation within their own party does they reversed themselves from taxes and seemingly the president's ideas of increases, a growing number on the right rejecting their no new taxes pledges and instead are now claiming the grover norquist is the real problem in washington d.c. fox digital politics center is here with us tonight as is the daily caller stalker carlson. egyptian leader declaring new powers for himself, claiming he won't be just another dictator. just a week ago praised by the obama administration for brokering a ceasefire in gaza, and now the white house is silent on the more -- coupe. middle east expert professor hoover institute senior fellow "wall street journal" as columnist among our guests here tonight. we begin with the president's broad based strategy to conduct our right class warfare against the republican party on the issue
charged off the fiscal cliff? >> welcome back. >> greece has been thrown another lifeline, as we heard earlier. but the eurozone crisis is continuing to cause economic contraction. revenue figures show that europe pose a growing debt levels are said to present more threats in the years to come, even to vibrant economies, like germany's. >> germany's labor market has weathered the euro debt crisis relatively well across all sectors, but a new report by the organization for economic cooperation and development says the unemployment rate in the country will rise slightly next year by 0.2%. and that is not all. the oecd says germany's gdp will grow by just 0.6% in 2013, which is much less than economists were predicting a few months ago, but it is more than france can hope for. and the crisis-hit countries are expected to fare even worse -- spain's gdp is expected to shrink by 1.4%. portugal's by 1.8%. greece's by a massive 4.5%. the report predicts the gdp of the eurozone as a whole will shrink by 4%, but it says germany is unlikely to fall into recession thanks to robust demand on the do
to "power lunch." it is a fiscal cliff faceoff. president obama meeting with small business leaders at the white house this afternoon to make his case for higher taxes ahead. we will also go to the home state of a kai player in tey pl talks. >>> the chevy volt struggling to work with car makers aed car buyers. why is general motors doubling down with its big bet in electric and has it jumped its sales? >>> facebook stock up 10% in the past week and 30% the past two months. has it finally turned a corpser? >>> speaking of corners, we have switched corners, tyler, the gentleman that he is, is braving you the snow and the ice in new york city and he is down on the floor of the new york estock exchange. >> a mucky day. not since 2008 has it been so high. more evidence the housing recovery is taking root. prices rising in the big cities but a warning we may head into a recession next year if the u.s. and europe don't solve their fiscal messes. right now the dow industrials a built of a breather down 21 points. >>> meanwhile, 34 days to the fiscal cliff. will a deal be done in time? today
. with all these variables, elections, mideast, fiscal cliff, it seems as though there's only so much flight to safety bid you can push into the marketplace. some traders say that's why you didn't notice. in the old days, it would make a difference. yields are already most accommodative from a nervousness standpoint. i will tell you it was the number one conversation. and even though it really isn't about oil, that's the market everybody is trading to of course kind of play the headlines. >> michael, how about you? how does this impact the way you're allocating capital? >> well, as you know, our strategy is about 45% in cash while the prefunctory -- what we'll have left to boost us higher. i think the market does go higher. here's why. you have $85 billion each month from the federal reserve as far as balance sheet expansion. you have negative real interest rates that will be getting even more negative. i expect inflation to take off significantly early in 2013. >> but if you're sitting on 45% cash, that says to me you're still expecting more downside here. don't you think we've already seen
the fiscal cliff remains a distinct possibility come january 1st, keeping some buyers on the side lines as well. that's what you see here. coming up, governors can't afford to stall. they have to balance their budget. day two of our governors on the edge, our series on how individual states are dealing with the budget mess. it is a fox business exclusive. delaware governor has some ideas. you have to hear what he has to say. the nasdaq, trying to tune out all the noise. if the nasdaq can turn it around and post positive gains here by the close, it will be the seventh straight day of gains, the longest winning streak in 16 months, seven days in a row, and yes, i know, positive gains is redundant. just seeing if you're paying attention. you know what? somebody is always making money. don't ever let the markets fool you. if something is down, somebody else is making money on the other side. let's find out from our traders at the new york stock exchange, cme group and the nymex for our floor show. teddy weisberg, who is making money today? >> it is a market of stocks, not a stock market. yo
trail to talk about his solution for the fiscal cliff. nothing is getting done in washington. >> what is rich's the $230,000 for a tough pill to swallow for new tax hikes. so now it will buy even make dead-end. what does lou dobbs think? melissa: corporate america racing to get ahead of the cliff with wall street funds to help your wallet. melissa: time for stocks ahead to the floor of the new york stock exchange with nicole petallides confidence hitting the post recession peak but traders are not buying it? >> >> of its numbers result of the market moved higher the dow moving into the green but now was sells off continuing the trend. we're doing much of the same we're under pressure with dow jones industrial average but also of the nasdaq has some of perot's. the confidence numbers of the highest levels since february 2008 also case-schiller shows the total order for durable goods is unchanged. we have a deal on wall street and some upgrades so there are bits and pieces and many are rushing to get ahead of the fiscal cliff. lori: with the potential tax increase with dividends compani
of raising taxes in the face of the fiscal cliff. >>> courageous until the end. a former mayor in mexico who fearlessly stood up to the drug cartels found murdered. >>> and face-to-face behind closed doors today, u.n. ambassador susan rice takes on one of her sharpest critics, senator john mccain, over her actions after the benghazi attack. good morning and welcome to "early start," i'm deborah feyerick in for john berman. >> really nice to have you. >> i'm so glad to be here. >> i'm zoraida sambolin. it's 5:00 a.m. in the east. first, congress back to work, and back to bickering. in just under 35 days, america hits the fiscal cliff. that triggers severe spending cuts and tax hikes. several top republicans are now defying party politics and signaling a willingness to consider increasing tax revenues to get a budget deal done. but when the lame duck senate got back in session yesterday it sure sounded like the same old broken record. >> the senate has spoken. president obama has spoken. he's promising he will not sign any bill that mortgages our future to pay for handouts to the wealthiest 2%
to talk about whether the fiscal cliff has had any impant on this business, and of course we'll talk about that relationship with sears. back to you. >> thank you very much. >>> is all that spending translating into green for investors? let's collection in with kayla tausche with a "market flash." >> interestingly enough, the retail sector is falling today in the red for most of the big retailers that had those discounts. also was not the big winner even on friday techwise. so the wig question is how much will these discounts actually eat into the potential margins from those blowout sales. if you look, courtney said that department stores were the biggest destination but macy's and nordstrom are two of the biggest laggards on the s&p. costco which had heavily discounted things like the nexus 7, also down today. >>> to congress now which is returning to deal with the biggest economic issue of the day -- that fiscal cliff. john harwood on whether lawmakers are getting any closer to a deal. >>> and coming up on closing bell, pet smart's ceo robert moran will join us live to discuss how his c
.s. as a source of uncertainty for the market as well. we're just 35 days away from the fiscal cliff. january 1st more than 600 billion dollars in both cuts and tax hikes, spending cuts kicking in and it will affect the state you live in in some way shape or form. today we're kicking off governors on the edge week on countdown to the closing bell. we are finding out how pennsylvania is affected by the budget mess. governor corbett is talking about the impact on state finances but perhaps more importantly why he is not waiting around and he and his team are trying to work on make sure they don't fall into the abyss with the rest of the country. >>> now hewlett-packard is now up 2 1/4%. we just heard through reuters we're confirming it here on fox business that a class-action lawsuit has been filed against hewlett-packard, a law firm -- we're looking at this issue with autonomy, it's a company they had to write down the acquisition by billions and billions of dollars. so clearly this is the breaking news on hewlett-packard right now. not really moving that much. still up about 28 cents. apple as yo
to u.s. leaders negotiating over the so- called fiscal cliff about the serious financial impact looming on the horizon. that's where we begin this morning. how confident are you about the state of the u.s. economy? what steps are you taking to prepare for the potential impact if the u.s. goes off the fiscal cliff? give us a call this morning. you can also catch up with us on all your favorite social media sites, twitter or facebook. or e-mail us. thismorning to you on wednesday, november 21. we are talking about federal reserve chairman ben bernanke's comments yesterday about the fiscal cliff, and getting your thoughts on bthe u.s. economy. and this headline -- also, in the financial times -- to tell little bit more about ben bernanke's , and sister day we turn to david clarke of "politico," their financial services editor. thanks for joining us. guest: thanks for having me. host: what is making the most waves from his speech? guest: in the past he has warned that congress and the president's path to take care of the fiscal cliff. yesterday he said it is not simply doing it but how they
the debt problems in europe and the fiscal cliff crisis here in the u.s. stocks fell late today after senate majority leader harry reid said lawmakers are making little progress in resolving the stand-off over tax increases and spending cuts. the dow fell 89 points, the nasdaq lost nine, the s&p 500 down seven. >> tom: as susie mentioned, talks to resolve the fiscal cliff are moving slowly. one reason is that there is deep disagreement over whether entitlement programs like social security and medicare should be on the table right now or not, and the disagreement is sharpest over social security. darren gersh takes a look at why. >> reporter: the number-two man in the senate democratic leadership argues any fix for social security's finances should come after the immediate challenge is out of the way. >> i think we should take social security off the table for the current fiscal cliff and deficit discussion, but be very honest about what we're going to achieve in the near term. >> reporter: republicans pushed back, arguing social security is part of the deficit problem because it is n
the fiscal cliff. do you buy into that? > > perhaps. right now, the market seems to be shrugging its shoulders at every headline that comes in, because we are hearing so much. but what harry reid said was really a game- changer, about perhaps trying to curb filibusters. that would be a game-changer, and would put a lid on the stock market. > he could have that much power? unbelievable. all right, let's move on to our next question and talk about greece. for now it looks like greece will not go bankrupt. is that helping the stock market? > > i think it is, but i think it was priced into the stock market. i think the stock market realizes that greece's debt is unsustainable, so anything they can do to prolong that pain until the inevitable happens where there's debt forgiveness is a good thing for the stock market. > what is it better to own right now - a powerball ticket, or stocks? > > stocks. absolutely. i would own stocks before a powerball ticket. > good answer. good to have you on the show. that is larry shover of sfg alternatives. > > thank you. president obama hits the road thi
one full percentage point. road map for the morning starts off with the fiscal cliff. the president meeting with more ceos today bringing his plan straight to the people culminating in an appearance in a factory later this week. >> costco joins the dividend parting initiating a $7 a share payout on top of the regular dividend. >> and a shake-up at groupon. the board may be considering co-founder being released. >> there's powerball fever. 500 million big ones in the pot. how would you spend the money and how does the fiscal cliff factor in? we'll talk strategy with a former lottery winner. >> we begin with the fiscal cliff. this afternoon president obama is scheduled to meet with several business leaders including ceos of home depot, macy's, caterpillar and at&t but futures are falling with signs there are troubles with negotiations on capitol hill. a market credible deal to solve the cliff is key to economic growth. >> that annual growth idea, that prospect is real in my view if we actually did get a market credible $4 trillion plan. the markets would realize those guys can govern.
a forecast for cyber monday sales. we of course continue to watch the fiscal cliff count down. lawmakers have been trying to convince the naub they are willing to compromise. they return to capitol hill today. >> everything should be on the table. >> bring entitlement reform into the conversation. >> a group of corporate executives are calling on congress to rise above partisan politics to try to find some sort of a solution. we have a lot to talk about with gleg brown and we'll start that in just a moment, but first over to andrew. >>> finance ministers are trying to unfreeze the second bailout package for greece, but first they must agree on how to cut massive debt to a more sustainable level. we'll head to london for details on that. and playing down a deal talk, tom joyce saying his country's currently if talks with at least two firms on a possible sale of its largest business unit. but would only pursue a deal if it created value to shareholders and clients. and mexico's anti-corruption body says it has found no irregularities in its probe of permits given to walmart. two audits still un
away from the fiscal cliff. we have fox team coverage. chief washington correspondent james rosen is at the white house to tell us about the president's return to the campaign trail sort of. but we begin with the chief congressional correspondent mike emanuel and another reason that the talk reconciliation so important. good evening, mike. >> good evening. there are strong suggestions that the nation's debt problem may be worse than $16 trillion and counting and key lawmakers are saying it's time to slash spending. >> i can cut $600 billion more out of the federal government tomorrow. nobody would know a difference except for the people employed by the programs here in washington, d.c. >> when asked by fox what he would be willing to cut, the senate majority leader didn't offer anything new. >> remember, we have already done more than $1 billion worth of cuts. we have done that. so we need to get some credit for that. and the negotiations that take place. >> 42 business organizations sent this letter to top lawmakers urging congress not to increase taxes writing, "we strongly urge
about good feelings. good feelings over possible deal to avert the fiscal cliff. republicans seem to be breaking ranks with the hardliners. talk about maybe raising revenues if the democrats will be willing to do meaningful entitlement reform. that positive tone, the rising above, helped move up the futures right into the bell. who wanted to be short ahead of a weekend deal? what a difference a day makes. this morning we come in, what are they chattering about? greece. greece. can you believe greece? it's standing in the way of a european deal again. this small country with no grip on its finances has europe hostage all over again. without a deal, every major bourse in europe came down last night. we didn't get a sunday night easing from china. worried that the recent positive data can't be maintained without more interest rate cuts. you know what, we've been conditioned to believe that weaker economic data means more stimulus, which leads to higher stock prices here. what happens if the news isn't so good that china becomes a big importer of our goods again but isn't so bad the c
on the fiscal cliff next year and i see the housing market getting better around better and i think that's a positive. >> rick santelli, it wasn't just stocks rallying today. here in the u.s., europe had its best week of the year this week. the euro is at a three-week high. gold was very strong today. what's the market telling us right now? >> i think the market's telling us that there's a lot of bargain hunting and a lot of optimism towards europe. that made sense. i think that the issues of europe are far from cured. i don't think they can be cured. but i do think there's going to be large time gaps where investors hit the gas because the bureaucrats aren't necessarily hitting the brake. whether it's cyprus seems to be an issue. but it's strong. greece really isn't a huge issue but it really does represent kind of how the thinking goes for larger issues that europe has defaced. i found it fascinating, the dollar index closed down over a penny, even though had a strong gain on the week on the yen. it just goes to show you how that euro is so powerful this week and how in the last couple
guess who. you, and of course the rest of us. we're all on the edge of this fiscal cliff. >> we don't think that raising tax rates is something that's good for this economy, that will help grow jobs. and so what we have said is there are ways for the federal government to have more revenue if we grow this economy and engage in tax reforms. >> every economist i respect says if you raise tax rates at this time -- in fact the president said that a couple years ago -- that it harms the economy. we're trying to help the economy. and so unless i can be convinced that raising tax rates will be beneficial, then obviously i think there's reason and grounds for my position. >> the truth is this country does not need to go through this fiscal cliff, which is fundamentally a huge tax increase and very little spending cuts. we're favoring a huge automatic tax increase that needs to be changed. >> bottom line we can't go off the fiscal cliff. democrats have harry reid. we have mitch mcconnell. get them in the room. no one gets all they want. if reagan and o'neill could do it, obama and boehner sh
. >>> lawmakers return to washington today with just 35 days until the "fiscal cliff" happens. and believe it or not, airlines are trying to keep queue on time. we'll explain now. >>> first business starts now. >>> you are watching first business. >>> good morning, it is monday, november 26, i am bill, so, did you survive black friday and welcome to super mondays. the holiday shopping season is now if full swing. we are going to spend more the last few weeks of the year than last year. remember tomorrow is giving tuesday. consider what you might do. >>> 35 days now for congress to solve that little impasse . this week they are going to try to make a deal. and is europe just buying greece? today finance minterred meet again to talk about releasing more billions your rows. >>> and now tim, he is the managing partner, so, tim, the eu, they are met meting again today and it still looks like they need money to go to greece. how much are traders going be paying attention to this? >> well, i think it is going p quite a bit of attention because it is a critical issues. and after three years of res
that could exist between europe and the u.s.? it seems like the u.s. has to deal with the fiscal cliff and there is not much room for mutual influence. if you don't have your house in order, you cannot speak to our problems. this does not covered in our media very much. >> thank you. let's go to illinois. we have the votes from the judges. >> can you guys hear me? what can parliament do to encourage [indiscernible] >> thank you. we will go right to the answers. >> you the unemployment, i spent a long time in entering what could we do to regain trust and growth. i made a proposal, and i repeat it. the european union, together with the states in which the youth unemployment is so crop -- so great, we should support those enterprises who employ young people with direct support financially for the enterprise, or with privilege and taxes. those are the two possibilities, but we should do it. the fight against unemployment, in my eyes, is the highest priority for the european union, or must be the highest priority for the european union. the international labor organization spoke about the l
from the desk with the couch. >> shepard: this is the fox report. avoiding the fiscal cliff. now the president and house republicans plan to hit the trail in search for support for their competing plans. plus, the u.s. ambassador, susan rice, meets with some of her toughest critics. and apparently they don't like what she has to say. >> we are significantly troubled by many of the answers that we got and some we didn't get. more disturbed now than i was before. >> shepard: republican senators criticizing ambassador rice for her initial comments on the libya consulate attack. >> ambassador rice has no responsibility for collecting, analyzing and providing intelligence. >> shepard: tonight the ambassador responds. >>> plus, the people of egypt trying to avoid trading one dictator for another. fighting back against a president who gave himself new powers. tonight a potential crisis point as the leader tries to put himself above the law. and how will the u.s. handle this? >>> plus, the chances of winning are ridiculously low. but millions of us are still lining up for a shot at a rec
the fiscal cliff is or what it means for their paycheck. >> they aren't worried. we'll see how numbers pan out. should be a big shopping weekend for the retailers. cyber-monday is around the corner. this is a big three days. it's funny. cyber-monday first came about when people didn't have high-speed internet. they would have to go to work and shop because it wasn't common. now it's common to have high-speed internet access at home and still you have cyber-monday. >> just as a point of note here, street signs are not allowed to say cyber-monday. i don't believe it. it's five bucks in the beer jar. you already owe 15 bucks. >> it's not "street signs." >> we play by a different set of rules here at post 9. >> we play by melissa's rules here at post 9. >> yours too, david. >> mine too. absolutely. we will be watching any number of retailers in terms of stocks. we'll see how some of the laggers do today. jcpenney. we'll be talking to the chief merchandise officer at sears later in the program. interesting to see given how poor the report was there. >> don't we have the former ceo of jcpenney o
a single share of stock even if he was guaranteed the u.s. goes off the fiscal cliff. just wait until you hear who he thinks should be the treasury secretary. >> we'll begin of course with the deal of the day. conagra foods has agreed to acquire ralcorp for $5 billion. $90 a share in cash. 28% premium to the closing price on monday. kayla tausche reported on potential for a deal between the two companies back in 2011. it creates the largest private label food company in north america. this is a big deal. >> yes, it is. it's big in size in terms of what we've seen in this market. look how excited he is. and they finally got it done. it's been one as you pointed out that was around in 2011. they couldn't get it done. that is conagra. they walked away. ralcorp stock price fell dramatically. they split the post cereal division from ralcorp. the two trade separately. so you did have a company here that perhaps became a little more -- i wouldn't say vulnerable. not as if they were committed to selling. the board composition changed. you have had activist shareholder get on there. that was very
the fiscal cliff, that once again put pressure on the markets. that's when things turned down yesterday. you'll see in europe, barely budging at this point. in france, the cac is up by about a point. the ftse is down by less than five points. in germany, the dax is up by less than three points. overnight in asia, you'll see that in japan, the nikkei was up by about .8 of a percent. the shanghai composite up by about 1%. the hang seng was up by 1.4%. oil prices also up slightly, up about 72 cents. not near the higher levels that we had seen because of the concerns in the middle east. 84.7 is where wti stands. the ten-year note is yielding 1.661%. we do have those numbers coming out. the dollar sup across the board. euro is at 1.28. gold prices this morning are indicated up just barely up by about $2.60. >>> let's go across the pond. ross westgate is standing by for us in london. ross, good morning to you. >> good morning, andrew. good to see you ahead of thanksgiving. becky called it. we're pretty flat here in europe. the dow jones being outpaced a little bit more. as you say, the focus very
is that we get a fix for the fiscal cliff maybe early january, maybe we go over the cliff for a couple days. and i think the political pressure then to fix it would be intense because of the amt shock. normally 4.5 million pay pay alternative minimum taxes. if we didn't fix this on the 2012 income, what's due in 2013 will be additional taxes of several thousand dollars by an extra 28 million households. 33 million instead of 4.5 million on 2012 taxes. if you're going to file your tax return in january and you expect a refind, if you're in the 75,000 to 300,000 income bracket, forget about it if they don't fix that amt. so i think senators will get calls from a good portion of 28 billion households saying what are you doing raising my taxes. i never withheld. are you going to penalize me because you didn't fix what you fix every year? i think that amt shock is going to drive -- if we go over the fiscal cliff, it will drive a very, very fast fix. but then we'll just have a small bargain later this year. there's not going to be a grand war bargain. >> that could be the worst case scenario is j
leader summit last week says that the looming fiscal cliff is already impacting his business. >> right now i'm not that bullish at all. in fact i'd say there's a great uncertainly that's just hanging over the entire economy because we're not confident that our guys can govern anymore. people like me just aren't hiring because we're not confident they can do it. >> well, the white house echoed that concern this morning. a new report says failing to act on the president's plan for middle class americans would freeze the economic recovery. obama's plan includes lower taxes on the first $250,000 earned by every american and tweaking the alternative minimum tax. the white house report estimates that consumer spending would fall by $200 million. now that's more than three times what consumers spent just over this entire holiday weekend. there could be a drag on a range of industries from cars and housing to restaurants and supermarkets, if congress can't reach a deal. and look, pocketbook issues are not the only problem here. carl levin, the democratic senator and chair of the armed services
house speaker john boehner and harry reid this weekend for avoid efforts on fiscal cliff. on wednesday president obama will seek more input from top ceos, including gold man's lloyd blankfein and caterpillar's doug owner hill man. a number will travel to washington to try to reach a deficit cutting deal as part of the fix the debt campaign. so all things fiscal cliff still pre-dominate. we have a time clock that's quickly running out. how important is it that we get an agreement before the end of the year? >> this is like the debt ceiling argument. people got into a panic. that's something we even imposed on ourselves to decide that the debt shouldn't go too high. so it's not a bad thing. same with the fiscal cliff. what are we saying with the fiscal cliff? we're saying the economy might be revealed to be what it's actually doing because we'll take away the artificial supports because we think it's held any enough now to maybe after itself. that might entail a step drop because at the moment we're giving these tax breaks, but we're doing it out of our saving. >> but the point isn't jus
of these folks are saying if we get a compromise as far as the fiscal cliff, by the end of the year this event means higher oil and gas prices, so there is a lot of indecision down here on the floor, but a volatile market with the middle east playing out. melissa: thank you so much. just in time for black friday, to survey highlights what we can expect consumers to spend this holiday season. rich edson has the story. >> americans will spend a little bit more this year, a just-released survey of holiday shopping says. the credit union national association of consumer federation of america said retail can expect a better holiday than last year, though not much better. >> our basic result is more optimistic than last year, the strongest results in the last four years, however still does not suggest a booming holiday season, but a continued improvement from the last few years. speak of a state college spending to increase from three and a half to 4% over 2011. the numbers behind that, they will spend less than last year. analysts say plenty of shoppers say they will spend less and never do. 12% ad
, the fiscal cliff is going to be something that implies a little bit of slowing or austerity. markets do not want to see austerity. voters don't want to see austerity although it's the right thing to do in the wrong term. recognize this is the environment where -- >> all right, ron, based on the fact that the the fed's printing and you think the emerging markets are the way to go, talk about your picks. you like three sectors. technology, oil and gas, and, of course, food. the world will eat and eat better. what stocks do you like? >> well, let's see, oil and gas, exploration and transportation in the united states particularly is what we like. mlps are a place where we have a 9% allocation. a couple reasons, one, someone's got to transport all this oil from north dakota to the plants. that's growing at an incredible pace, high dividend payers, tax advantage dividend payers, going to be an incredibly important aspect for investors next year, and the world and the united states wants to be energy independent. the oil and gas, mlps, more of a commodities play. it's a good -- it's a good so
the 23 year olds, look, are you going to stop spending or cut back because of the fiscal cliff. i'm out there enough already. i can't even go to that level of being out there. >> you can't? >> no, i can't. i can't. i'm a fixture at every mall in the country. this mall of america there was a guy. mike didn't work initially. you handled that so well. the mike didn't work initially for mall of america. >> i threw to him on friday. while you're shopping you still managed to watch us. amazing. >> and miss you? it was just like you didn't skip a beat. like you had actually been to a mall. >> you knew i had never been to a mall. >> i know you have been to a mall. >> what mall? >> time warner center is that a mall? >> that counts as a mall. >> i've been in there. there's a j. crew there. >> yes. yes, there is. i think whole foods also had a big week. >> i do shopping for the night before i head home. >> it's antidotal. it's antidotal. it was supposed to be bad. it wasn't bad. that's my take away. i don't want to deviate from that. i saw an upgrade today. restoration. all of these companies have
of a compromise as we head for the fiscal cliff? senator lindsay graham, one of the latest high-profile republicans that says he will break the longstanding pledge regarding taxes and says he will do it for the country, but only if democrats are willing to make reforms on entitledment programs, medicare and medicaid and social security. that is big if. good morning, hope your turkey was great. martha: good morning, everybody, i'm martha maccallum. you've got this. congressman peter king and now senator bob corker say they will ignore the decades old pledge that was signed by 241 house members and senators. he says he believes it is a huge game-changer. >> when you're $16 trillion in debt the only pledge we should make to each other is to avoid becoming greece. republicans should put revenue on the table. we're this far in debt. we don't generate enough revenue. capping deductions will help generate revenue. raising tack rates will hurt job creation. bill: this is the heart of the matter. stuart varney, host of "varney & company". morning to you, sir? >> this is a real shift. one
in washington to avoid going over the fiscal cliff. but are they any closer to an agreement? >>> u.n. ambassador susan rice faces three of her main republican critics today, trying to explain her comments about the attack in benghazi. will she get their support if she's nominated as secretary of state? >> then, she's queen of the racetrack. now she's taken on sonic. danica patrick is here, live, with a preview of her new racing video game. >> we have lots coming up in the next two hours. pennsylvania senator pat toomey, maryland congressman chris van hollen. utah senator mike lee. and actress lucy heal from "pretty little liars." >> "starting point" begins right now. >>> good morning, everyone. our starting point today, more republicans seeming to break their no tax pledge but still bickering with democrats over the so-called fiscal cliff. and just under 35 days now america falls off that cliff. you've heard the menacing sound right there. this triggers drastic spending cuts and tax hikes. now there are some signs of compromise on capitol hill. several top republicans saying they're willing to a
the fiscal cliff could cost the economy, the equivalent of four times what shoppers spent over black friday weekend. >> tom: i'm tom hudson. it's cyber monday, and shoppers are online, and spending; they'll shell out an estimated $1.5 billion online today. >> susie: and change comes to the nation's top securities regulator: mary schapiro is stepping down. we look at what's next for the securities and exchange commission, and its new leader. >> tom: that and more tonight on "n.b.r."! >> susie: americans were back at work today after a long holiday weekend, but returned to the same worries about the fiscal cliff. and a new report from the white house added to the worries, showing that unless there's a deal on solving the crisis, the u.s. economy would suffer big time. the obama administration's economists estimate consumers would spend about $200 billion less next year than they would have otherwise. congress and the administration have only a few more weeks to nail down a deal. but that deal will have to address some tough issues, including entitlement reform. darren gersh explains. >> repor
? >> yeah. they'll mess around for as long as they possibly can and possibly pass a fiscal cliff relief bill or something lining those lines at the final hour. >> do you think it goes on, that it's a long term solution? my personal solution is they find a band-aid that may give us the qe-3 type relief. >> but the question is what your long-term outlook is. if you're betting against u.s. growth, betting against -- or betting there will be a huge issues in the coming years on these -- on the deficit issue, you may want to keep it off the table. >>> there's a third area there. i don't talk to anybody, steve or our guest, who doesn't think the u.s. can easily ramp up growth. the real discussion i don't think is the true u.s. economy. i thinkist the moguling being throw in front of it, our self-inflected issues, you know, last time around we sequestration. are we going to have sequestration 2? of course we'll put a band-aid, but we need leverage to have reform predicated to surrender on the band-aid. >>> we've got to go, guys. i've got to go with this. we've got to move on. this is the last hour
are headed for this fiscal cliff and we need to do something to resolve that. we have an opportunity here to lock in responsible fiscal policy over the next few years. i think we should be able to do both. >> ken, we're told that the president is meeting today with the head of mitt romney's favorite organization, the magnificent chamber of commerce which as we know produced some marvelous surveys that appeared to support him. he spoke with speaker boehner and harry reid over the weekend and yet no meeting date is set. what kind of outreach is going on behind the scenes? are you aware, ken, of any other relationships that are being developed at this moment to try to fend off the fiscal cliff? >> yeah. mostly what we're hearing about is that the staff level there are ongoing negotiations between the white house, between harry reid and the senate majority leader's office and john boehner's office, the house republicans. but so far what we've seen, at least in the principal, is really just highlighting the differences and how stark the differences are. yes, there have been some republicans wh
. >>> if congress fails to come to an agreement on the fiscal cliff, the head start grant program will see its funding cut by over $620 million affecting almost 100,000 low-income children and over 20,000 jobs. ♪ [ male announcer ] 'tis the season to discover the kid in all of us. enjoy free shipping and great values on your holiday shopping from l.l. bean. you can stay in and like something... or you can get out there and actually like something. the lexus december to remember sales event is on. this is the pursuit of perfection. well, having a ton of locations doesn't hurt. and my daughter loves the santa. oh, ah sir. that is a customer. let's not tell mom. [ male announcer ] break from the holiday stress. fedex office. [ male announcer ] break from the holiday stress. thrget 3 yearsgiving weekend, interest-free financing and save up to $600 on beautyrest and posturepedic. even get 3 years interest-free financing on serta icomfort and tempur-pedic. mattress price wars ends sunday at sleep train. >>> my colleague sue herera recently spoke to some icons of the fashion and retail world while
of the year. that's to avoid a fiscal cliff which may result in a significant reduction in defense spending. the fiscal cliff is a term used to illustrate drastic fiscal tightening if congress fails to reach an agreement by year's end. such a situation is feared to trigger a plunge in the economy. panetta warned that defense spending will be subject to drastic cuts if lawmakers failed to reach a consensus. >> the worst thing that could happen from my perspective is that they just kick the can down the road. all that would wind up doing is continuing to present a shadow over the defense department and for that matter, the rest of government. >> the defense department is already planning to reduce its budget by about $500 billion over the coming ten years. panetta has voiced concern that further cuts could undermine barack obama's new defense strategy that lays more emphasis on the asia pacific region. >>> japanese officials are scratching their heads about how to deal with sluggish trade. sales to foreign countries have plunged leaving japan in a trade deficit for the fourth straight month.
, but other way, the republicans are in motion over the fiscal cliff. the democrats are not moving. good morning, everyone, several leading republicans say they will put more tax revenue on the table. that's a shift. warren buffett says raise tax rates on incomes over a half million dollars, that's a shift. but the president and democrats are not moving and they still say raise tax rates on the rich. on-line shopping, a very big winner and very big for retailers. 13% better than last year overall. today, on-line sales may run close to 2 billion dollars. will it last through the holidays? we've got another north african economy in absolute chaos. egypt torn by rioting after morsi takes dictatorial powers. they really need our money now. watch out, everybody, "varney & company" is about to begin. get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money. [ dog barks ] because right after they get married, they'll find some retirement peopl who are paid on sary, not commission. they'll get st
the economy going over the fiscal cliff. no mystery what the issues areu. the democrats know, republicans know and so does president obama. entitlements are pushing the country toward financial ruin. here is what the president said in 2010. >> the major driver of the long-term liabilities is medicare, medicaid and healthcare spending. nothing comes close. social security we could probably fix the same way tip o'neil and ronald reagan sat down together and we could figure something out. that is manageable. medicare and medicaid, massive problems down the road. that's where, that is what our children have to worry about. >> dana: here we are, two years later and still no plan. on the left in congress refusing to deal with that simple reality. vermont senator bernie sanders caucuses with the democrats. take a listen. >> i get nervous when i hear the president and others continue to talk about quote/unquote, entitlement reform. which is just another cut for medicaid and medicare and social security. >> eric: brian, start with you, today. >> dana: you look surprised. >> brian: i am. yet honored. >>
to the same worries about the fiscal cliff. and a new report from the white house added to the worries, showing that unless there's a deal on solving the crisis, the u.s. economy would suffer big time. the obama administration's economists estimate consumers would spend about $200 billion less next year than they would have otherwise. congress and the administration have only a few more weeks to nail down a deal. but that deal will have to address some tough issues, including entitlement reform. darren gersh explains. >> reporter: the big money in entitlements is in health care, and that means any grand bargain to avoid the fiscal cliff will slice away at one of the nation's most popular programs. >> medicare is clearly in the gunsights. >> reporter: it's possible congress and the president could agree to save $300 to $400 billion from medicare by cutting fees for doctors and hospitals. but analysts worry slashing payments won't make the health care system more efficient. >> this is not really a way to structurally change medicare and if you don't change the underlying incentives, you
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